What’s Up With Ethereum Classic Today?
Ethereum Classic (CRYPTO: ETC) was in the green, rising nearly 1% in the early hours of Friday.
What’s Moving? ETC rose 0.98% to $51.74 over 24 hours at press time. Over a seven-day trailing period, the cryptocurrency is up 3.56%.
Against Ethereum (CRYPTO: ETH), ETC fell 0.83%, and against Bitcoin (BTC), the coin was down 1.12%.
Since the year began, ETC has risen 806.10% touching an all-time high of $176.16 on May 06. The coin is down 70.65% since those levels.
See Also: Ethereum Vs Ethereum Classic
Why Is It Moving? Ethereum Classic emerged with a new branding while retaining the original blockchain in 2016, while Etheruem forked into a new chain that reversed the infamous DAO theft.
On Thursday, Ethereum’s blockchain underwent another hard fork dubbed London. The hard fork is said to impact miner compensation and lower the supply of ETH.
While Ethereum’s hard fork will not have an impact on Ethereum Classic, ETC has in the past moved in correlation with ETH.
Correlation In The Performance of ETH and ETC, Courtesy: Macroaxis.com
Notably, a key difference between ETH and ETC is that while the latter has a fixed supply of 210 million ETC, the upcoming Ethereum 2.0 will have a variable supply.
Benzinga’s Take: As per Cointrendz, Ethereum was the most mentioned coin on Twitter at press time. ETH is attracting high social interest post the London hard fork. The similarity between Ethereum and Ethereum Classic in terms of names could be a possible factor for the price movement in the latter.
Photo by ETC on Flickr